As we approach the crucial July 1, 2024 date for the official implementation of the Department of Education’s IDR Account Adjustment, Hope Credit is pleased to announce the forgiveness of more than $23 Million in student loan debt for hundreds of (former) Hope Credit clients since November of 2021. Over…
April 30, 2024 is the new deadline to consolidate FFEL or Parent Plus loans into a Direct Consolidation loan to remain eligible for the IDR One Time Account Adjustment. The Department of Education (DOE) will continue to adjust student loan borrower repayment months upward all throughout 2024, but only for…
In the past few months leading up to the return to repayment, student loan borrowers have seen several new benefits to help reduce the cost of student loan repayment and increase student loan forgiveness. Now, the U.S. Department of Education is pushing for more targeted forgiveness benefits, which could make…
On August 1st, 2023, the U.S. Department of Education, in coordination with the various student loan servicers have began the process of implementing the new SAVE repayment program for eligible borrowers. The SAVE program is the long awaited Revised REPAYE program with a new name: SAVE. The SAVE program is…
UPDATE: Federal court blocks further forgiveness and payment reductions under the new SAVE program. 10th Circuit Court of Appeals Partially Reverses Injunction. UPDATE: This article has been updated June 30th to reflect the U.S. 10th Circuit Court of Appeal’s action to stay the injunction placed on the SAVE program pending…
On July 14th, 2023 the U.S. Department of Education announced the latest implementation of the multi-step approach to address longstanding failures associated with student loan payment count tracking for the purpose of forgiveness. Formerly announced as the IDR Account Adjustment or “IDR Waiver” in April of 2022, this collection of…
On June 30th, 2023 the Supreme Court of The United States ruled in favor of the plaintiffs in 2 cases that were consequential to the implantation of the blanket student loan forgiveness program. Because the court ruled in favor of the plaintiffs in Biden, President of the United States, et…
On June 3rd, 2023, the President of the United States signed the Fiscal Responsibility Act of 2023. Among other things, this law codifies the termination of the Covid-19 forbearance, and places a legal prohibition on the Secretary of Education’s authority to extend the suspension of student loan payments under the…
Beginning Sunday January 1st, 2023 (which was a holiday), the student loan servicer responsible for facilitating the Public Service Loan Forgiveness program began sending notifications to successful PSLF Waiver candidates that their loans have been forgiven in full. Fedloan Servicing, the previous student loan servicer responsible for PSLF administration had…
Beginning Tuesday November 22nd, 2022, more than 9 million student loan borrowers began receiving emails confirming the approval of their blanket student loan forgiveness applications, whether they had actually applied for the blanket student loan forgiveness or not. Many student loan borrowers who never applied for the blanket forgiveness program…
